Never before have we experienced such rapid changes driven by technological progress, changes in society and member behavior. New inventions, new communication channels, and trends create conditions that will fundamentally change our conception of financial services. Here are just a few thought starters:
- By 2020, consumers will require banking services, but they may not turn to banks to get them. A new financial ecosystem will be required to utilize information technology to find efficient matches between providers and users of capital, rather than turning automatically to a financial institution as an intermediary.
- Big Data gives credit unions access to exponentially more data about what members do and wants. Unlocking information inside the data tsunami through Analytics and Machine Learning provides an amazing opportunity to give members what they really want.
- AI and Machine Learning are starting to address key pressure points such as reducing costs and mitigating risks. Advances in robotics and AI will start to revolutionize the banking model through powerful and standard modular platforms with the ability to learn.
- Why trust is everything
- The need for customized and real-time experiences
- The ‘Mobile First’ paradigm
- AI and Machine Learning
- Frictionless member experiences